Maxim Group Keeps a Buy Rating on Immutep Limited

In a report released today, Jason Kolbert from Maxim Group maintained a Buy rating on Immutep Limited (NASDAQ: IMMP), with a price target of $5. The company’s shares closed yesterday at $1.79.

Kolbert said:

“While we maintain a positive view on the LAG-3 space and the progress that Immutep is making to develop its LAG-3 pipeline, it is going to take more time and capital. Given the early stage of the trials in breast cancer and melanoma, we have extended our timelines to approval. Specifically, we now anticipate commercialization for IMP321 in breast cancer in 2021 (from 2020) in Europe and 2023 (from 2021) in the U.S. These changes in combination with other model adjustments result in a 12-month price target of $5, reduced from $7. In addition, we note that the company has ~$12M in cash on the balance sheet, which at the current burn rate of $3-4M per quarter is sufficient runway into 2H18, but we should expect to see a capital raise at some point this year.”

According to TipRanks.com, Kolbert is ranked 0 out of 5 stars with an average return of -8.1% and a 32.2% success rate. Kolbert covers the Healthcare sector, focusing on stocks such as IntelliPharmaCeutics International, SELLAS Life Sciences Group Inc, and Arbutus Biopharma Corporation.

Immutep Limited has an analyst consensus of Moderate Buy, with a price target consensus of $5.

The company has a one-year high of $3.24 and a one-year low of $1.25. Currently, Immutep Limited has an average volume of 41.81K.

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Immutep Ltd. is a biotechnology company, which engages in developing immunotherapeutic products for cancer and autoimmune diseases. Its lead product is IMP321, which involves in clinical development for the treatment of cancer indications. The company was founded on May 21, 1987 and is headquartered in Sydney, Australia.